Tax Strategies

After the passage of a New York State law allowing same-sex couples to marry, a New York City wealth management firm has named a new CPA partner to provide same-sex couples with financial planning advice.

President Barack Obama and congressional leaders said Sunday night that they have agreed on the framework of a budget deal that both Democratic and Republican leaders plan to present to their caucuses on Monday.

Senate Majority Leader Harry Reid, D-Nev., saw his plan to raise the debt ceiling turned back Sunday afternoon by a vote of 50-49.

A group of Democratic lawmakers has introduced a bill in Congress aimed at leveling the playing field for sales tax charges between online retailers and brick-and-mortar stores.

Sixty-four percent of small business owners do not believe tax increases should be part of the federal government’s plan to reduce the deficit, according to a new survey.

The House Ways and Means Committee held a hearing to weigh the pros and cons of two different consumption tax models: the value-added tax and the FairTax.

As the battle continues in Washington over how to avert a default on the government’s debt obligations, the possibility of imminent tax increases seems to be fading.

President Barack Obama and Speaker of the House John Boehner, R-Ohio, made the case for their rival approaches to controlling the nation’s spiraling budget deficit as the clock ticks down to the August 2 deadline for raising the debt ceiling to avoid an unprecedented default on the national debt.

The so-called “cut, cap and balance plan” legislation that passed the House would require the passage of a Balanced Budget Amendment to the U.S. Constitution that would mandate a two-thirds supermajority to approve any future tax increases.

Senator Tom Coburn, R-Okla., has proposed a deficit reduction plan estimated to save $9 trillion over the next 10 years by slashing hundreds of government programs, but also increasing taxes in some areas.